Wix.com Ltd. (NASDAQ:WIX) Receives $243.74 Average PT from Brokerages

Wix.com Ltd. (NASDAQ:WIX) has been assigned an average recommendation of “Moderate Buy” from the twenty-one brokerages that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $243.74.

WIX has been the subject of several recent research reports. Scotiabank initiated coverage on Wix.com in a report on Wednesday, March 5th. They set a “sector outperform” rating and a $250.00 price objective for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $245.00 price objective on shares of Wix.com in a research note on Thursday, February 20th. Citigroup boosted their target price on shares of Wix.com from $275.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $235.00 price target on shares of Wix.com in a research report on Wednesday, February 19th. Finally, Benchmark lifted their price target on Wix.com from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, February 20th.

Wix.com Price Performance

Shares of Wix.com stock opened at $168.63 on Monday. The business has a 50-day simple moving average of $207.83 and a 200 day simple moving average of $196.61. Wix.com has a one year low of $117.58 and a one year high of $247.11. The firm has a market capitalization of $9.24 billion, a price-to-earnings ratio of 71.76, a PEG ratio of 2.83 and a beta of 1.64.

Wix.com declared that its board has authorized a share buyback plan on Thursday, February 27th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the information services provider to repurchase up to 1.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

A number of hedge funds have recently modified their holdings of WIX. Advisors Asset Management Inc. increased its position in Wix.com by 112.1% in the third quarter. Advisors Asset Management Inc. now owns 246 shares of the information services provider’s stock worth $41,000 after buying an additional 130 shares during the last quarter. Avior Wealth Management LLC grew its stake in shares of Wix.com by 79.5% during the 4th quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock worth $43,000 after acquiring an additional 89 shares during the period. Newbridge Financial Services Group Inc. purchased a new stake in Wix.com in the 4th quarter worth about $43,000. Global Retirement Partners LLC raised its stake in Wix.com by 36.0% in the 4th quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock valued at $47,000 after acquiring an additional 58 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new stake in Wix.com during the fourth quarter valued at about $52,000. Institutional investors own 81.52% of the company’s stock.

Wix.com Company Profile

Wix.com Ltd., together with its subsidiaries, operates as a cloud-based web development platform for registered users and creators worldwide. The company offers Wix Editor, a drag-and-drop visual development and website editing environment platform; and Wix ADI that enables users to have the freedom of customization that the classic editor offers.